Morten Lund, one of the most famous Danish venture capitalists and entrepreneurs, was declared bankrupt last week by a Danish court. Morten Lund gave one of the most touching presentations in LeWeb last year and also telling how everything went wrong with his newspaper in Denmark.
Mr. Lund lost more about 105 million Danish crowns in the project that he had personally loaned against his personal assets. 105 million Danish crowns equal about 14 million euros. Despite being declared bankrupt and having his house being taken away (as he writes in his personal blog), he is extremely positive about the opportunities that lay before him. He has received tons of e-mail and messages in support of his struggle and one investor even told him through SMS; “Hey Morten – let me know if you need cash for kids and their schools. We don’t leave soldiers behind”.
Morten Lund has invested in 80 or so startups in the last decade, including Skype in which it is believed he has made most of his money. He is believed to have invested 50,000 USD into the startup very early on and made some 15 to 25 million USD in the sell off to eBay.
Many people online have questioned the interests of Morten Lund in his ventures, being so dedicated and ready to lose his personal assets in what he does. You don’t see many people doing that, especially when you have so much to lose. It will be interesting to see how he will bounce back, I’m sure he will. His 80 or so investments will also be sold off until he has paid his debt to his creditors. In this economic downturn he won’t be getting the best price for his investments.